Edmond de Rothschild finances the refurb of London: Edmond de Rothschild REIM, through the Edmond de Rothschild European High Yield I Real Estate Debt Fund and a separate fund dedicated to a German insurance group, granted a loan of 28.3 million euros (29.44 million dollars) to refinance and renovate the Londra Hotel in Florence. Owned by Eurazeo and managed by Grape Hospitality, the hotel was acquired by Eurazeo in December 2020. It will be transformed into a lifestyle/urban hotel with 160 rooms and renamed Indigo by InterContinental Hotels Group. The hotel is expected to reopen in 4Q23.
Collective Membership Group to Scandinavia: Membership Collective Group has announced its first Soho House in Scandinavia, Soho House Copenhagen, which will open from July 2022. This will mark Membership Collective Group’s expansion into Scandinavia and the 22n/a Soho House in Europe. Located in the former Customs House and Ferry Terminal, the oval-shaped house spans two floors and includes a Members’ Club, outdoor terrace overlooking the water, Customs Hall and Club Restaurant Cecconi. Later this year, Soho House plans to open a gym and studio, Soho Active. The club was designed by Soho House’s in-house team and will be followed by openings such as Brighton Beach House in the UK, Soho House Nashville and Holloway House in Los Angeles in the US.
Fundraising from Ashford Securities for Braemar: Ashford Securities, a wholly-owned subsidiary of Ashford Inc. and chief broker of Braemar Hotels & Resorts, has raised over US$100 million for Braemar through the Series E callable preferred stock offering and Series M. Braemar is likely to sell up to US$500 million of Series E and Series M Preferred Shares. Since initiating the offering in July 2021, Braemar has acquired the Mr. C Beverly Hills from 138 keys in Los Angeles, California, and the 96-key Ritz-Carlton in Dorado Beach, Puerto Rico.
Renest signs 2 in India: Renest Hotels & Resort, the boutique hotel and resort brand based in Gurugram, India, has signed two new hotels in Dharamshala and Haridwar, North India. The 74-key Renest Haridwar spans 60,000 square feet, while the Renest Eliot Exotica in Dharamshala has a rooftop pool and spa. Both hotels are expected to open in July-August.
Irish Hotel Fund: The Irish Strategic Investment Fund and Dublin-based Pembroke Hospitality have announced the launch of the Hotel Investment Fund, a €50 million ($52.02 million) fund for the hospitality sector. The fund is being launched to invest in hotels whose business has been impacted by the pandemic and will provide hoteliers with bridge financing to enable their businesses to recover and grow. The fund is intended for investment in Irish hotels rated 3 stars and above, with a minimum of 25 rooms. The fund will invest in hotels with a viable growth plan but cannot raise funds from banks or other lenders and will provide between 500,000 and 5 million euros ($520,250 to $5.2 million) on three years.
Mamilla Hotel joins The Set Collection: Mamilla Hotel in Jerusalem has announced that it has become a founding member of The Set Collection, a new luxury brand representation company. The 194-room hotel is the latest property to join the collection alongside Hotel Café Royal in London, Hotel Conservatorium in Amsterdam, Hotel Lutetia in Paris, The Opposite House in Beijing, The Upper House in Hong Kong, The Temple House in Chengdu, and La Maison du Milieu in Shanghai. The Set Collection was created for business owners, management teams and investors looking for an alternative to traditional representation and distribution services.
Chatham Lodging Trust sells 4: Chatham Lodging Trust has completed the sale of four hotels – the 180-key Hilton Garden Inn in Burlington, Massachusetts; Courtyard 100 keys by Marriott Houston West University; Residence Inn of 120 keys by Marriott Houston West University; and the 137 Homewood by Hilton Dallas Market Center suites, comprising a total of 537 rooms for $80 million. The sale of the four properties significantly reduces the average age of Chatham’s portfolio and provides cash for future growth, the company said. Taking into account short-term capital expenditure needs, total sales proceeds would equate to a capitalization rate of approximately 2% and 6% on net operating income for 2021 and 2019, respectively. Chatham currently has 39 hotels with 5,914 keys spread across 16 suites and throughout the District of Columbia.
Playa, Marriott Collaboration: Playa Hotels & Resorts, Fairfax, Virginia, and Marriott International have agreed with Sanctuary Cap Cana owner Francisco Martinez to introduce Marriott’s first all-inclusive extension of The Luxury Collection brand to the Dominican Republic with Sanctuary Cap Can, a Luxury Collection All-inclusive resort for adults. The new 325-room resort in Cap Cana, a private enclave in Punta Cana, will open this summer under The Luxury Collection brand. The resort underwent a 2019 renovation and features six bars, five a la carte restaurants, five pools, and the resort’s own nightclub, Sanctuary Town. The resort is set to become Playa’s first resort under a Marriott brand. This is Playa’s first joint venture with Marriott. The Luxury Collection currently includes 123 hotels worldwide in 41 countries.
Taconic closes $500 million fund: Taconic Capital Advisors has closed Taconic CRE Dislocation Onshore Fund III, its third distressed and opportunistic real estate fund, with $500 million in capital commitments. The fund consists of investments from existing and new investors with the ability to operate an overflow vehicle for additional concentrated trades. A year into its investment period, the fund has committed $300 million in investments across 15 deals. The company expects hotels and offices to make up the majority of the fund’s investments.
Rosewood is growing residences in Florida: Rosewood Hotels & Resorts, Hong Kong, announced Rosewood Residences Naples, the company’s second self-contained residences in Florida. Sales will begin later this year. The project will be developed by The Ronto Group and real estate investment firm Wheelock Street Capital. The project will join Rosewood Residences Lido Key, a new stand-alone residential project being developed in Sarasota, Florida. The luxury residential units on the Gulf of Mexico in Southwest Florida will be spread over five acres with approximately 50 feet of waterfront. Rosewood Residences Naples will include fewer than 50 units and an average interior size of 5,300 square feet per unit and from three to four bedrooms, each residence including a private elevator entrance, balconies, dressing rooms and kitchens. It will also include a fitness center, spa, steam and sauna facilities, sports lounge and bar, two swimming pools and an interactive children’s playroom.
ALG will launch Secrets Impression at Isla Mujeres: Apple Leisure Group announced that a subsidiary of ALG has signed an agreement with Secrets Impression Isla Mujeres, which will launch the Secrets Resorts & Spas brand in Isla Mujeres, Mexico. Scheduled to open in December, the adults-only Secrets Impression Isla Mujeres will feature 125 suites. Guests can enjoy a private boat or catamaran transfer from mainland Cancun to the resort’s private jetty and access the resort’s five à la carte gourmet restaurants, three casual venues, nine bars and lounges, a spa and fitness center, to rooftop infinity pools, a lounge, and an open-air movie club on stilts.